Virgin Islands Agreement to Set Mobile Home to New Location

State:
Multi-State
Control #:
US-04313BG
Format:
Word; 
Rich Text
Instant download

Description

A mobile home may be defined as a movable or portable dwelling built on a chassis, connected to utilities, designed without a permanent foundation, and intended for year-round living. There has been a tremendous rise in the number of mobile homes purchased, and correspondingly, more land being used for mobile home park purposes.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Agreement to Set Mobile Home to New Location
  • Preview Agreement to Set Mobile Home to New Location
  • Preview Agreement to Set Mobile Home to New Location
  • Preview Agreement to Set Mobile Home to New Location
  • Preview Agreement to Set Mobile Home to New Location

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FAQ

Form 8288 is used to report and transmit the amount withheld to the IRS. Form 8288-A is used by the IRS to validate the withholding, and a copy is returned to the transferor for his or her use in filing a tax return.

Persons purchasing U.S. real property interests (transferees) from foreign persons, certain purchasers' agents, and settlement officers are required to withhold 15% (10% for dispositions before February 17, 2016) of the amount realized on the disposition (special rules for foreign corporations).

Purpose of Form Use Form 8898 to notify the IRS that you became or ceased to be a bona fide resident of a U.S. possession in accordance with section 937(c). See Bona Fide Residence, later.

The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to income tax withholding (IRC section 1445). The buyer (transferee) of the U.S. real property interest is the withholding agent. If you are the transferee, you must find out if the transferor is a foreign person.

The withholding rate is 10% for properties sold for less than $1 million and that the buyer intends to occupy as a residence, but no withholding is required if the sales price is $300,000 or less.

Buyers (transferees), who are generally the withholding agents, must use Forms 8288 and 8288-A to report and pay to the IRS any tax withheld on the acquisition of U.S. real property interests from foreign persons.

The Notice 1445 is just a general letter saying that "Tax Help in Other Language", which introduces IRS offers tax help in different languages. Another document in the envelope is to thank me to use IRS Online Service.

FORM 22E is a short but legally multifaceted form also known as the FIRPTA form. FIRPTA, which was established in 1980 stands for Foreign Investment Real Property Tax Act. This is essentially a prepayment of anticipated tax due on the gain of the sale of a U.S. real property interest.

AFFIDAVIT OF NON-FOREIGN STATUS. Section 1445 of the Internal Revenue Code provides that a buyer of a United States real property interest must withhold tax if the seller is a foreign person.

Exemptions. One of the most common exemptions to FIRPTA withholding is that the transferee is not required to withhold tax in a situation in which the transferee purchases real estate for use as his/her home and the purchase price is not more than $300,000.

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Virgin Islands Agreement to Set Mobile Home to New Location